DSV

Transaction in Own Shares • Jan 29, 2018

Company Announcement No. 677

n 30 October 2017, DSV A/S initiated a share buyback programme, as described in
Company Announcement No. 664 of 26 October 2017. According to the programme,
DSV A/S will in the period from 30 October 2017 to 23 March 2018 purchase own
shares up to a maximum value of DKK 1,250,000,000 and no more than 5,000,000
shares, corresponding to 2.63% of the current share capital of DSV A/S. The
programme has been implemented in accordance with Regulation No. 596/2014 of
the European Parliament and Council of 16 April 2014 (MAR) and the Commission
Delegated Regulation (EU) 2016/1052, also referred to as the Safe Harbour
rules.

Trading day Number of shares bought Average Amount DKK
back transaction
Price
Accumulated for trading 1,798,466 488.91 879,290,927
days 1-57
58: 22 January 2018 7,000 494.80 3,463,583
59: 23 January 2018 7,000 489.32 3,425,273
60: 24 January 2018 5,000 492.36 2,461,817
61: 25 January 2018 10,000 488.91 4,889,102
62: 26 January 2018 7,000 490.86 3,436,015

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Accumulated for trading 1,834,466 488.95 896,966,717
days 1-62

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As at today, DSV A/S holds a total of 6,551,130 shares of a nominal value of
DKK 1 in DSV A/S, corresponding to 3.45% of the total number of issued shares
of 190,000,000.

The details of each transaction made under the share buyback programme are
published on investor.dsv.com.

Any questions may be addressed to Flemming Ole Nielsen, Director, Investor
Relations, on tel. +45 43 20 33 92.

Yours sincerely,

DSV A/S